S.B. 365 Summary

• Modifies the motion picture, digital media, and film production income tax credit by removing specific dollar caps (previously $35,000,000 annual aggregate and $15,000,000 per production) and authorizing the legislature to set new cap amounts

• Authorizes an additional percentage increase to the tax credit for qualified post-production costs performed at designated qualified post-production facilities, with the department to establish criteria by rule

• Extends the expiration date of the tax credit program (previously set to expire January 1, 2026) to a new date to be determined

• Maintains existing qualification requirements including $200,000 minimum production costs, Hawaii promotion credit, local hiring efforts, and documentation of workforce development contributions

• Effective July 1, 2112, applying to taxable years beginning after December 31 of the prior calendar year